China's central SOEs up investment in new infrastructure-Xinhua

China's central SOEs up investment in new infrastructure

Source: Xinhua

Editor: huaxia

2022-06-22 14:42:17

BEIJING, June 22 (Xinhua) -- China's centrally administered state-owned enterprises (SOEs) are ramping up investment in new types of infrastructure to facilitate industrial transformation, data from the country's top state-asset regulator showed.

In 2021, over 700 subsidiaries of nearly 70 central SOEs invested a total of 400 billion yuan (about 59.6 billion U.S. dollars) in new infrastructure, according to the State-owned Assets Supervision and Administration Commission of the State Council.

For the 2021-2025 period, the companies plan to invest in more than 1,300 new infrastructure projects, with investment amounting to over 10 trillion yuan.

New infrastructure refers to infrastructure that is digital, smart and innovative, including projects related to 5G networks, artificial intelligence and the Internet of Things.

Net profits of central SOEs expanded 5.6 percent year on year in the first four months of the year, the commission has said.